The rupee opened weak tracking negative cues from Asian currencies which have started weaker amid mounting tensions between the US and China.

The rupee depreciated 24 paise to 75.85 against the US dollar in opening trade on Friday tracking weak domestic equities and strengthening American currency overseas.

Traders said the weakness in the local unit was largely due to correction in domestic equities and strengthening of the US dollar. Moreover, rising coronavirus cases in the country and US-China trade tensions weighed on the local unit.

The rupee opened weak at 75.72 at the interbank forex market and then fell further to 75.85, down 24 paise over its last close.

It had settled at 75.61 against the US dollar on Thursday.

The rupee opened weak tracking negative cues from Asian currencies which have started weaker amid mounting tensions between the US and China, Reliance Securities said in a research note.

It further said that China could impose new national security legislation on Hong Kong after last year’s pro-democracy unrest, to which US President Donald Trump said that Washington would react “very strongly” against it.